With a $4 billion market cap and meaningful institutional ownership, I can't say that Western Alliance (NYSE:WAL)
is ignored or overlooked, but I'm surprised that a run of the numbers
suggests potentially meaningful undervaluation here. While the company's
intense focus on commercial lending and lending outside of its core
footprint does represent a risk, the company's focus on more specialized
types of lending is a strong positive, there is ample room to grow its
deposit-gathering footprint and the company's strong internal capital
generation creates a lot of long-term opportunities.
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With Western Alliance Bancorp, 'Different' Seems To Mean 'Better'
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